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  • Local Man Accused Of Diverting Mason County River

    riverbedThe state attorney general's office has accused a 55-year-old Mason County man of using an excavator to fill and divert the Tahuya River without a permit. William Cayo Sr. was charged in Mason County District Court on Thursday with three misdemeanor… Read More +

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  • Inslee Looks To Election For Climate Allies

    oilrefineryWashington Gov. Jay Inslee is likely in 2015 to roll out ambitious proposals to reduce carbon pollution such as a bill to cap greenhouse gases, but unless Democrats can make gains in the state Senate on Tuesday, he'll face a tougher… Read More +

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  • Seattle Picks Up 2015 Option On Iwakuma

    Iwakumajune10The Seattle Mariners will have right-hander Hisashi Iwakuma under contract for the 2015 season. The Mariners announced Thursday that Iwakuma's $7 million option was vested based on his on-field performance. Iwakuma missed the first month of the 2014 season but went 15-9 with a 3.52 ERA in 28 starts. In 91 career games with Seattle, Iwakuma is 38-20 with a 3.07 ERA.

    Read More
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Bad Fit? Men's Wearhouse Rejects Jos. A. Bank's Offer

b_250_0_16777215_00_images_obgrabber_2013-10_647e8d3654.jpgJustin Sullivan/Getty Images (NEW YORK) -- Would a combined Men's Wearhouse and Jos. A. Bank make for a good fit?On Tuesday, when the latter confirmed it had offered to buy the former, the question hung briefly in the air. In a letter dated Sept. 18 but released on Wednesday, Robert Wildrick, chairman of Jos. A. Bank, told Men's Wearhouse CEO Douglas Ewert he was offering to buy all outstanding shares of Men's Wearhouse for $48 cash per share, or $2.38 billion in total, saying that he thought the two would make "ideal partners."

"The strategic wisdom of this transaction is compelling," declared Wildrick.  "By combining our two companies, we can together create the best men's apparel and sportswear designer, manufacturer and retailer in the U.S."

The combined companies, he said, would capture "operating synergies."

On Wednesday, however, Men's Wearhouse gave Jos. A. Bank the brush-off.  It rejected the offer as too little, saying in a statement that the deal significantly undervalued Men's Wearhouse's prospects.

Ewert said in the Men's Wearhouse statement that he and his board were confident that their recent actions, including their acquisition of boutique brand Joseph Abboud, had left the company well-positioned.

Howard Davidowitz, chairman of New York-based Davidowitz & Associates, a national retail consulting and investment banking firm, has been watching retail acquisitions succeed or fail for 40 years.  He shrugged off Men's Wearhouse's rejection as preliminary and pro forma.

"It's the job of the board to maximize price," he said.

He expected negotiations to continue, with Men's Wearhouse jockeying to get more money.

Copyright 2013 ABC News Radio

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